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News watch July 2010: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Friday 30 July 2010• Renault has reported a net income of €823 million – with an operating margin of 4% and sales up 22% globally. Its worldwide market share now stands a whisker up at 3.8% (Renault)• La Regie said its business was performing much better than during the same period last year, when the recession bit into its profits.

Senate passes 'cash-for-guzzlers' bill; Obama likely to sign

The U.S. Senate passed a scaled-back $1 billion cash-for-guzzlers bill and sent it to President Barack Obama for his expected signature. The 91-5 vote took place after 5 p.m.

GM considers flagship sedan for Cadillac

Cadillac is considering a large, flagship sedan to take on the Mercedes-Benz S-class and BMW 7-series, a top General Motors official says. Mark Reuss, GM's president for North America, told Automotive News last month that a new flagship is on the table as GM maps its go-global strategy for Cadillac. A flagship would be a continuation of how GM has been positioning Cadillac's lineup to go head-to-head in each segment with BMW, Mercedes and Audi.